Former BSEC chief Maqsood congratulates new chair Masud Khan, pledges support for capital market reforms

Former chairman of the Bangladesh Securities and Exchange Commission (BSEC) Khondoker Rashed Maqsood has congratulated Masud Khan on his appointment as the new head of the regulator and wished him success in leading the capital market.

In a message addressed to Masud, Maqsood extended "heartiest congratulations" and said he wishes him immense success in the role. 

He expressed confidence that the new leadership will be able to steer the capital market towards its desired level in the near future.

Maqsood said efforts have been made over the past years to implement regulatory reforms during what he described as a "completely dysfunctional situation in August 2024". He said these included policy simplification, reducing interventions, ensuring market compliance, enforcement against non-compliance, and revamping investor education.

He added that these steps were aimed at building a stronger foundation for the capital market. 

He also noted that the market is now prepared for a take-off with the introduction of new IPO and mutual fund rules.

He further said he remains fully committed to supporting the development of the country's capital market and is available for any information or cooperation if required.

Masud, who previously served as group chief executive officer of Crown Cement and chairman of Unilever Consumer Care Limited, has recently been appointed as the new chairman of the BSEC.

The appointment, along with three commissioners, was confirmed through separate notifications issued by the Financial Institutions Division (FID) of the Ministry of Finance on 4 June, shortly after the resignation of the previous BSEC chairman and four commissioners.

According to the notification, he will serve a four-year term under the BSEC Act, 1993 and must sever all professional links with other organisations upon joining.